科技金融政策与关系型贷款——基于国有企业的视角

Technology Finance Policy and Relationship Lending——From the Perspective of State--Owned Enterprises

基于国有企业的视角,选取2005—2021年国有上市公司面板数据,采用多期双重差分法(DID),以政府推行的科技与金融结合试点政策实施准自然实验,考察科技金融政策对关系型贷款的影响以及作用机制。结果发现:科技金融政策促进了国有企业关系型贷款的增长,且短期内较明显;政策效果存在地区和企业的异质性,中西部地区以及缺乏竞争优势的国有企业对政策反应较为显著,东部地区和拥有竞争优势的国有企业不显著;政府干预、商业信用、银行业数字化转型和抵御系统性风险能力的提升在科技金融政策刺激关系型贷款增长的过程中发挥了作用。

Based on the perspective of state-owned enterprises(SOEs),this paper selected the panel data of SOEs from 2005 to 2021,and adopted the multi-phase difference-in-difference method(DID),to conduct the quasi-natural experiment using the pilot policy of integrating technology with finance promoted by the government.Then the paper investigated the impact of techfin policy on relationship lending and its action mechanism.The results showed that,techfin policy has promoted the growth of the relationship lending of SOEs,which was more evident in the short term.In addition,the effect of the policy was heterogeneous among regions and enterprises.Compared to the eastern region and the enterprises having competitive advantages,the central and western regions and the SOEs lacking competitive advantages all had a more significant response to the policy.During the process of techfin policy stimulating the growth of relationship lending,the mediating factors included government intervention,trade credit,the digital transformation of banking industry,and the improvement of the ability to withstand systemic risks in the banking industry.